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Vlastimir Vuković, Chief Executive Officer Of NLB Komercijalna Banka

Faster, More Efficient, And Closer To Clients

NLB Komercijalna Banka has defended its market leader position in the area of agricultural loans and in providing unconditional support to farmers. The economy...

Huawei Technologies d.o.o.

Innovative Storage Also Combats Ransomware

In the increasingly intricate landscape of security concerns, Huawei has stepped up with an ingenious solution that represents a cornerstone in the fight against...

OTP Banka Srbija

Commitment To Excellence

In the dynamic landscape of the Serbian banking scene, one institution stands out as a beacon of excellence and innovation: OTP banka Srbija. As...

Marijanti Babić, Country Head At Rio Tinto, Project Jadar

Jadar Is An Exceptional Project

Serbia’s Jadar Valley is home to a high-quality deposit of lithium – a metal that’s critical to the global transition to a more sustainable...

Ivanka Stojnić, Sustainability Manager For The Southeast European Market At Nestlé

Regenerative Agriculture As A Key Sustainable Practice

Nestlé Serbia, as the first Nestlé company in the region, has begun applying regenerative agriculture practices and continues to expand the number of domestic...

Bojan Stanić, Sector For Strategic Analysis and Internationalisation At The Chamber Of Commerce & Industry Of Serbia (CCIS)

War Is Always A Bad Friend

The continuation of the conflict in Ukraine could, over the long run, imperil the recovery of the western Balkans. That’s why political de-escalation in Europe provides the basis to restore rates of expansive growth and sustainable development to the serbian economy

Despite the fact that the current crisis is a consequence of tragic events in Ukraine, new economic circumstances that bring both risks and opportunities are being created in Europe.

Specifically, the current situation threatens to develop into a global conflict of interest, primarily in an economic sense. The International Monetary Fund noted in its latest report that we are seeing a kind of economic deglobalisation, or the leading economies turning towards cooperation within regional economic groups, which creates a kind of trade-off between more reliable supplies and economic efficiency.

We already saw overburdening and stagnation emerging during the pandemic, leading to supply chain breakdown, and the current political crisis shows that such breakdowns don’t necessarily have to be caused by natural factors. Hence the re-emergence of the topic of shortening the supply chains of large European companies by moving operations closer to their home countries, while, on the other hand, many countries are now considering reducing their economic dependence on faraway and potentially rival markets.

Serbia and the other countries of the Western Balkan region have for years underutilised their economic potential and shown themselves to be extremely sensitive to external risks. Although recent advances have been recorded in terms of regional cooperation towards the establishing of a common regional market, joining the EU’s common market – and doing so in the most favourable and inclusive possible way – remains the main economic goal of the governments of the region.

The political crisis that’s hit eastern Europe has launched a wave of refugees and migrants who are seeking more promising places to live and work in many european countries including Serbia, which would be a positive development for our labour market

In that sense, there are indications of increased interest among foreign direct investors in transferring part of their operations from faraway markets to the region. The standout activities of interest in this regard include agribusiness, the auto industry and the IT sector, all of which can provide a stronger impetus to the growth and development of Serbia and the region.

On the other hand, the political crisis that’s hit Eastern Europe has launched a wave of refugees and migrants who are seeking more promising places to live and work in many European countries, and are often opting for Serbia as a country with a similar culture, a good climate and more affordable living conditions. These are relatively young, highly-educated people who are mostly employed in the fields of IT, consulting services and trade. Considering their ability to quickly integrate into the local environment, the Serbian economy could benefit a lot in terms of bolstering labour market supply, but also improving its general demographic structure, given that European countries are generally maintaining their population levels through a positive migrant balance.

However, we should conclude by stressing that the continuation of conflict in Ukraine may, over the long run, imperil the recovery of the Western Balkans, and particularly other developing countries worldwide. That’s why political de-escalation in Europe provides the basis to restore the Serbian economy’s rates of expansive growth and sustainable development.

Comment

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Stevo Pendarovski, President of North Macedonia

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H.E. Cathy Buggenhout, Belgian Ambassador to Serbia

Serbia’s Place is in the EU

I personally believe that there’s never been a more urgent need to have a strong, meaningful and result-oriented dialogue between the EU Member States...

German Unity Day Celebrated in Belgrade

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EU Sports Equipment Trade Booms: Exports at €7.5 billion, Imports Double to €14.3 billion

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Iceland Crowned World’s Safest Country for 16th Consecutive Year

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Hitler’s Childhood Home to Be Repurposed as Police Station

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Slovakia’s Parliamentary Elections: Robert Fico’s Smer Party Secures Victory

The Smer-SSD party, led by former leftist Prime Minister Robert Fico, triumphed in Slovakia's parliamentary elections, securing 24% of...

German Unity Day Celebrated in Belgrade

In the Serbian capital last evening, the German Unity Day was commemorated. The German Embassy in Serbia organized this...

EU Sports Equipment Trade Booms: Exports at €7.5 billion, Imports Double to €14.3 billion

The European Union's trade in sports equipment, spanning items from water sports gear to athletic apparel, has witnessed a...

Iceland Crowned World’s Safest Country for 16th Consecutive Year

Iceland has, for the 16th year running, been named the world's safest and most peaceful country according to the...

Hitler’s Childhood Home to Be Repurposed as Police Station

In a move to deter neo-Nazi pilgrimages, the town of Braunau am Inn, where Adolf Hitler was born in...

Slovakia’s Parliamentary Elections: Robert Fico’s Smer Party Secures Victory

The Smer-SSD party, led by former leftist Prime Minister Robert Fico, triumphed in Slovakia's parliamentary elections, securing 24% of...

German Unity Day Celebrated in Belgrade

In the Serbian capital last evening, the German Unity Day was commemorated. The German Embassy in Serbia organized this...

EU Sports Equipment Trade Booms: Exports at €7.5 billion, Imports Double to €14.3 billion

The European Union's trade in sports equipment, spanning items from water sports gear to athletic apparel, has witnessed a...

Iceland Crowned World’s Safest Country for 16th Consecutive Year

Iceland has, for the 16th year running, been named the world's safest and most peaceful country according to the...

Hitler’s Childhood Home to Be Repurposed as Police Station

In a move to deter neo-Nazi pilgrimages, the town of Braunau am Inn, where Adolf Hitler was born in...

Slovakia’s Parliamentary Elections: Robert Fico’s Smer Party Secures Victory

The Smer-SSD party, led by former leftist Prime Minister Robert Fico, triumphed in Slovakia's parliamentary elections, securing 24% of...
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